Three of London’s most iconic markets could be relocated to Redbridge.

The City of London Corporation is planning to stop Billingsgate, Smithfields and New Spitalfields markets from operating at their current locations and move them to a single site in the capital.

Redbridge is one of the contenders as it boasts fields spanning 162 acres in Hainault Road, Little Heath.

The City of London Corporation requires a “long-term” base for all three wholesale markets and is currently in the process of shortlisting potential sites ahead of a public consultation in the summer.

Out of all the options, which includes a site in Barking and Dagenham, the green space in Redbridge is the only proposed scheme that is large enough to house all the traders on one level.

This is especially useful when deliveries are being made.

If the borough is selected the relocation is estimated to create 3,500 jobs alongside 200 new businesses.

With a predicted combined turnover of around £800m, the markets would naturally bring wider economic benefits to the borough, including direct financial contributions in the form of business rates which would see around £500,000 retained by the local authority.

And it gets better in 2020 as the law regarding business rates is set to change meaning that Redbridge could keep 75per cent of the income.

A Redbridge Council spokesman said: “The site in Redbridge is the only proposed scheme that is large enough to realise the City of London’s vision for a state-of-the-art modern facility to house all three markets and give them the space to thrive, whilst remaining located within the M25.

“As well as easy access to the M25, the site benefits from excellent road connectivity via the A12, A13 and M11, making it the ideal location for the markets to maximise distribution to catering and hospitality businesses across London and the South East.

“The London Borough of Redbridge wish to see a sustainable scheme on the site which would be considered an exemplary eco-development - one of the key elements of the council’s vision is for the site to be carbon positive and produce energy from waste, including bio-fuel technology whilst also making net additions to the habitat through the use of extensive planting, landscaping and green roofs.”

If Redbridge was given the market, improvements to the A12 Hainault Road junction would need to be made, but traffic disruption is said to be at a minimum to residents as the market would operate five days a week.